Frontier Resources Has Been Granted The Tolukuma Tenement For Two Years Term

Frontier Resources Limited (ASX: FNT) explores and develops gold and copper as a part of its primary operations. The company is under the metals and mining sector and the headquarter of the company is situated in Hay Street, West Perth, Australia. It was listed on the Australian Stock Exchange in 2003 and focusses on discovering copper-gold-molybdenum porphyry coupled with high grade and bulk mineable gold/ silver epithermal and gold.

The company today on 13 March 2019, has announced that it has received notification from the Mining Resources Authority (PNG) of the granting of EL 2531 – Tolukuma in the Central province 70km North of the Capital Port Moresby, for a two-year term effective 25 February 2019.Â

The Tolukuma tenement covers 441.72 km2 and surrounds the Tolukuma gold Mining Lease ML104. Â The Tolukuma gold mine is a high graded mine with narrow epithermal veins and possess a long history of having its gold reserves continuously extended. The area is highly prospective for satellite high-grade epithermal gold deposits and porphyry copper-gold deposits.

Further, the company today has announced that it has received confirmation from the Mining Resources Authority (PNG) of the renewal of both EL 1595 – Bulago and EL 2356 – Muller Range, located in the Hela Province, for a further two-year term effective from 7 July 2018 and 31 December 2017 respectively.

The company will continue to try to make potential joint venture partners to more rapidly advance and evaluate its two highlands tenements EL2356 Muller Range and EL1595 Bulago through additional funding for planned fieldwork programs.

Newly defined circular volcanic structures on the company’s EL1595 Bulago copper-gold-molybdenum project is a part of larger targets including the 1.8 km wide x 2.5 km long Idawe-Bulago porphyry. The intrusive complex has been partly drill tested with nine historical diamond drill-holes for 3,103 metres. Mineralisation styles on the tenement include high-grade epithermal gold, large scale porphyry copper-gold-molybdenum and polymetallic skarn mineralisation associated with the contact of intrusive and overlying limestones.

EL 2356 has targets including two known porphyry occurrences at Lower Tingi Valley and Baia, a possible high sulphidation intrusive related gold prospect with a likely buried porphyry copper-gold-molybdenum target at Cecelia, and copper in stream anomalies in the structural zone at the Mt.Sisa volcanic centre.

The tenement is split into three separate areas including Northern Tingi Block, Central Baia Block and Southern Cecelia Block. The company has designed a fieldwork program to collect soil sampling over a 100Ha grid at the Lower Tingi Valley Prospect over historical gold and base metal anomalous ridge-and-spur soil sampling.

On the price-performance front, the stock of Frontier Resources Limited last traded at $0.09 with a market capitalisation of $4.4 million (AEST 04:00 PM). The stock has generated a negative YTD return of 18.18% and posted negative return of 43.75% over the past six months. It had a 52-week high price of $0.017 and a 52-week low price of $0.007, with an average trading volume of~ 240,954.


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